In a country’s finance, the period covered by a budget is usually a year, which is usually known as a financial or fiscal year. The government budget, as forecasted by a government of its expenditures and revenues for a specific period of time, has come to be used to achieve specific goals of the nation’s economic policy.
The very important thing about government budget is to prevent business fluctuations of inflation or deflation to achieve the goal of economic stability. In Malaysia, the government budget is set to meet and fulfill various objectives:
- Reallocation of Resources
- Tax concessions or subsidies
- Reducing inequalities in income and wealth
- Economic Stability
Announced on October 27, 2017 by the Prime Minister and Finance Minister Datuk Seri Najib Razak, the Budget 2018 came with the theme “Prosper with inclusive economy, balancing duniawi (worldly) and ukhrawi (other-worldly) excellence to better the lives of the rakyat towards TN50 aspirations”. The Budget 2018 is said to be the final budget before the next general election, and it focuses on stimulating domestic investments, developing future generations and enhancing the well-being of the rakyat, including improving inclusivity.
Themed “Accelerating Growth, Ensuring Fiscal Prudence, Enhancing Well-being of the Rakya”, the Budget 2017 was tabled by our Prime Minister Dato’ Sri Najib Tun Razak in Parliament on 21 October 2016. It focused on improving the wellbeing of the rakyat and was aimed at maintaining fiscal discipline amidst continuing economic uncertainties. On top of that, the Budget 2017 has presented an opportunity to build a more inclusive economy for the people and to increase Malaysia’s competitiveness, advancing the country to high income nation status by 2020.
Tabled by our Prime Minister Dato’ Sri Najib Tun Razak in Parliament on 23 October 2015, the Budget 2016 was first budget under the 11th Malaysia Plan, with the aim to gradually reduce the nation’s fiscal deficit, amidst a challenging economic environment. In addition to this, the Budget 2016 focused on striking a balance between the Capital Economy and People Economy with the theme “Prospering the Rakyat”.s competitiveness, advancing the country to high income nation status by 2020.